Global Leggings Market: Overview
Leggings, which are a shape enhancing, skin tight piece of clothing covering the legs and meant to be worn by both men and women, have been seeing steady upswing in demand. Their market has grown worldwide at a steady pace owing to both big names in the industry of the likes of Adidas, Puma, and Nike going head to head with the numerous local players. This has also served to the make the market competitive and fragmented.
A report by Transparency Market Research on the leggings market finds that it is fragmented owing to low entry barriers – initial capital required to set up a manufacturing unit is reasonable enough to attract new entrants. As per the report, the market is poised to grow in the next couple of years – one more reason why many are aspiring to foray into it. In order to stay ahead of competition in such a cut throat market, leading players are banking upon quality products, solid distribution chains, strategic partnerships, and brand recall.
Global Leggings Market: Key Trends
At the forefront of driving demand for leggings is the enduring appeal of the product, which is catching up even in the oriental nations with different clothing habits. This is because of the convenience and comfort it offers to the wearer. Both men and women can wear it for various purposes – both for the sake of fashion or for working out or indulging in sports activities. This versatility has gone a long way in sustaining the demand of the product.
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In order to up sales of leggings, players are seen experimenting with different materials apart from the typically used nylon, lycra (aka spandex), polyester blend, or cotton. Bigger players particularly are pulling out all stops to improve quality and design of their products which they then sell at premium prices. Their smaller regional counterparts too are making every effort to come up with an array of designs. This is serving to boost market growth.
Despite steady sales, the market for leggings has failed to achieve its full potential owing to competitive pricing strategies applied by regional players. They have inundated the market with cheaper products forcing the bigger players to offer multipack merchandise at throwaway prices. This has posed a challenge to revenue growth which in turn is negatively impacting the market.
One noticeable trend in the market for leggings is the backward integration by the savvy players. In order to reduce dependency on suppliers and better quality, they are seen producing their own yarn too.